GoldBod resumes significant gold shipments, supporting reserves – BoG

Governor of the Bank of Ghana, Dr. Johnson Asiama, has announced that the Ghana Gold Board (GoldBod) has resumed significant gold shipments, which is contributing to the accumulation of the country's foreign exchange reserves. Speaking at the 132nd MPC press briefing, Dr. Asiama noted that gold shipments had become less frequent since August compared to the previous two quarters, but assured the public that the situation has since improved.

He revealed that GoldBod exported a considerable amount of gold in the past week, which is bolstering the country's reserve position. The Governor clarified that the latest data on the shipments was received after the beginning of the Monetary Policy Committee's meeting, thus altering the initial assessment compared to the pre-meeting figures.

Dr. Asiama emphasized that while the regularity of gold shipments had weakened as of August, the recent data indicates that exports have since increased. He highlighted that the main risk to Ghana's reserve accumulation lies in fluctuations in international gold prices, which are beyond Ghana's control. The Governor explained that global factors, including the US monetary policy, can influence gold prices and consequently impact the value of Ghana's gold exports and reserve accumulation.

He also stated that as long as international gold prices remain favorable, the Bank expects GoldBod to continue contributing to the growth of Ghana's reserves. This development comes as the Bank of Ghana continues to prioritize reserve accumulation as part of its foreign exchange management strategy. Dr. Asiama added that GoldBod is expected to play a more significant role in the intermediation segment of the Bank's evolving foreign exchange management framework.

The Bank is currently working with GoldBod to finalize the new framework, with the final details to be communicated to the market upon completion.